This study explores how CEOs' and outside directors' desires for the benefits of signaling and "homophily" intertwine with their concerns over maintaining power and preserving local status hierarchies to affect the likelihood a firm recruits prestigious outside directors to its board. Using pooled cross-sectional data on the five years following the initial public offerings (IPOs) of 210 firms that went public between 2001 and 2004, we found that prestigious CEOs and directors viewed the recruitment of prestigious new directors differently and that these perceptions were moderated by factors that increase the salience of risk of potential losses to CEOs and existing board members. [ABSTRACT FROM AUTHOR]
{"title":"SHOOT FOR THE STARS? PREDICTING THE RECRUITMENT OF PRESTIGIOUS DIRECTORS AT NEWLY PUBLIC FIRMS (SUMMARY)","authors":"Abhijith K. Holehonnur, Timothy G. Pollock","doi":"10.5465/AMJ.2011.0639","DOIUrl":"https://doi.org/10.5465/AMJ.2011.0639","url":null,"abstract":"This study explores how CEOs' and outside directors' desires for the benefits of signaling and \"homophily\" intertwine with their concerns over maintaining power and preserving local status hierarchies to affect the likelihood a firm recruits prestigious outside directors to its board. Using pooled cross-sectional data on the five years following the initial public offerings (IPOs) of 210 firms that went public between 2001 and 2004, we found that prestigious CEOs and directors viewed the recruitment of prestigious new directors differently and that these perceptions were moderated by factors that increase the salience of risk of potential losses to CEOs and existing board members. [ABSTRACT FROM AUTHOR]","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"623 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116211564","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2012-07-01DOI: 10.5465/AMBPP.2012.15146ABSTRACT
Laurel F. Ofstein, Rodney C. Shrader
This study examines the role of boundary spanning breadth and depth in driving innovation and performance within entrepreneurial firms. Three boundary spanning objectives are introduced to determine how the purpose with which boundary spanning is pursued may have a unique effect on firm innovativeness. Absorptive capacity is proposed as a moderating variable between boundary spanning breadth and depth and firm innovativeness. Using multiple regression analysis with a sample of entrepreneurial firms, this study demonstrates that pursuing boundary spanning with a strategic objective is the most important driver of firm innovativeness and performance.
{"title":"BOUNDARY SPANNING IN THE ENTREPRENEURIAL FIRM: EFFECTS ON INNOVATION AND FIRM PERFORMANCE (INTERACTIVE PAPER)","authors":"Laurel F. Ofstein, Rodney C. Shrader","doi":"10.5465/AMBPP.2012.15146ABSTRACT","DOIUrl":"https://doi.org/10.5465/AMBPP.2012.15146ABSTRACT","url":null,"abstract":"This study examines the role of boundary spanning breadth and depth in driving innovation and performance within entrepreneurial firms. Three boundary spanning objectives are introduced to determine how the purpose with which boundary spanning is pursued may have a unique effect on firm innovativeness. Absorptive capacity is proposed as a moderating variable between boundary spanning breadth and depth and firm innovativeness. Using multiple regression analysis with a sample of entrepreneurial firms, this study demonstrates that pursuing boundary spanning with a strategic objective is the most important driver of firm innovativeness and performance.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129463682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2012-06-01DOI: 10.5465/AMBPP.2012.13966ABSTRACT
I. Reymen, Petra Andries, René Mauer, U. Stephan, E. Burg
The creation of new ventures is a process characterized by the need to decide and take action in the face of uncertainty, and this is particularly so in the case of technology-based ventures. Effectuation theory (Sarasvathy, 2001) has advanced two possible approaches for making decisions while facing uncertainty in the entrepreneurial process. Causation logic is based on prediction and aims at lowering uncertainty, whereas effectuation logic is based on non-predictive action and aims at working with uncertainty. This study aims to generate more fine-grained insight in the dynamics of effectuation and causation over time. We address the following questions: (1) What patterns can be found in effectual and causal behaviour of technology-based new ventures over time? And (2) How may patterns in the dynamics of effectuation and causation be explained?
{"title":"Dynamics of effectuation and causation in technology-based new ventures (INTERACTIVE PAPER)","authors":"I. Reymen, Petra Andries, René Mauer, U. Stephan, E. Burg","doi":"10.5465/AMBPP.2012.13966ABSTRACT","DOIUrl":"https://doi.org/10.5465/AMBPP.2012.13966ABSTRACT","url":null,"abstract":"The creation of new ventures is a process characterized by the need to decide and take action in the face of uncertainty, and this is particularly so in the case of technology-based ventures. Effectuation theory (Sarasvathy, 2001) has advanced two possible approaches for making decisions while facing uncertainty in the entrepreneurial process. Causation logic is based on prediction and aims at lowering uncertainty, whereas effectuation logic is based on non-predictive action and aims at working with uncertainty. This study aims to generate more fine-grained insight in the dynamics of effectuation and causation over time. We address the following questions: (1) What patterns can be found in effectual and causal behaviour of technology-based new ventures over time? And (2) How may patterns in the dynamics of effectuation and causation be explained?","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"101 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126008197","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We empirically investigated the effect of intensive mentoring and feedback on co-evolution of cognitive development of entrepreneurs and their venture. A diverse sample of forty entrepreneurs was followed over twelve months in a business incubator in the Netherlands, and extremely detailed qualitative data from the entrepreneurs' weekly logbooks were collected. We found that focused feedback does influence co-evolution of entrepreneurial mindset and venture but also depends on the stage of the venture as well as on prior entrepreneurial experience.
{"title":"From grand idea to viable execution: how do venture and entrepreneurs co-evolve?","authors":"G. Kaffka, N. Krueger","doi":"10.2139/SSRN.2098031","DOIUrl":"https://doi.org/10.2139/SSRN.2098031","url":null,"abstract":"We empirically investigated the effect of intensive mentoring and feedback on co-evolution of cognitive development of entrepreneurs and their venture. A diverse sample of forty entrepreneurs was followed over twelve months in a business incubator in the Netherlands, and extremely detailed qualitative data from the entrepreneurs' weekly logbooks were collected. We found that focused feedback does influence co-evolution of entrepreneurial mindset and venture but also depends on the stage of the venture as well as on prior entrepreneurial experience.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"103 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115670186","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Social entrepreneurial ventures pursue a double bottom line, i.e., they try to achieve simultaneous social and financial performance. Governance has been shown to be a critical issue for firm performance. However, this issue has been neglected in the social entrepreneurship literature. This exploratory study empirically addresses this gap by proposing a mediational model between governance behaviors (agency and stewardship) and financial performance and social impact. Using Structural Equation Modeling (SEM), we confirm mediation and find that stewardship predicts organizational capabilities, leading to higher social impact. On the contrary, agents’ opportunistic behaviors negatively influence the development of these organizational capabilities. These innovative findings contribute to the understanding of governance behaviors within SEVs and offer interesting insights for the practice of social entrepreneurship.
{"title":"Governing for impact and performance within social entrepreneurial ventures : the mediating role of organizational capabilities","authors":"Sophie Bacq, F. Janssen, Jill R. Kickul","doi":"10.2139/SSRN.2557493","DOIUrl":"https://doi.org/10.2139/SSRN.2557493","url":null,"abstract":"Social entrepreneurial ventures pursue a double bottom line, i.e., they try to achieve simultaneous social and financial performance. Governance has been shown to be a critical issue for firm performance. However, this issue has been neglected in the social entrepreneurship literature. This exploratory study empirically addresses this gap by proposing a mediational model between governance behaviors (agency and stewardship) and financial performance and social impact. Using Structural Equation Modeling (SEM), we confirm mediation and find that stewardship predicts organizational capabilities, leading to higher social impact. On the contrary, agents’ opportunistic behaviors negatively influence the development of these organizational capabilities. These innovative findings contribute to the understanding of governance behaviors within SEVs and offer interesting insights for the practice of social entrepreneurship.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115238415","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines how different contextual, structural, and functioning characteristics of clusters influence cluster performance. Hereto, we develop a conceptual framework that identifies potential influencing factors, validate it statistically and estimate the impact of the variables on cluster performance using PLS structural equation modelling. Our results show that important determinants of cluster performance are, among others, long-term planning security and procedural trust between the cooperating firms (contextual conditions), formalized rules and sustainable structures (structural elements) and clear goals and tasks (functioning characteristics). However, the results also reveal that determinants assessed as important by the literature like proximity, cooperation experience but also monetary incentives for the cluster management do not seem to have a positive impact on performance. Our results do not only modify general assumptions in cluster research concerning drivers of cluster performance, but also help firms and policymakers to conceptualize successful clusters.
{"title":"The Performance of Clusters - an Analysis of the Impact of Cluster Context, Structure, and Functioning on Cluster Performance","authors":"Elisabeth F. Mueller, Carola Jungwirth","doi":"10.2139/SSRN.1927275","DOIUrl":"https://doi.org/10.2139/SSRN.1927275","url":null,"abstract":"This study examines how different contextual, structural, and functioning characteristics of clusters influence cluster performance. Hereto, we develop a conceptual framework that identifies potential influencing factors, validate it statistically and estimate the impact of the variables on cluster performance using PLS structural equation modelling. Our results show that important determinants of cluster performance are, among others, long-term planning security and procedural trust between the cooperating firms (contextual conditions), formalized rules and sustainable structures (structural elements) and clear goals and tasks (functioning characteristics). However, the results also reveal that determinants assessed as important by the literature like proximity, cooperation experience but also monetary incentives for the cluster management do not seem to have a positive impact on performance. Our results do not only modify general assumptions in cluster research concerning drivers of cluster performance, but also help firms and policymakers to conceptualize successful clusters.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124975812","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2010-08-01DOI: 10.5465/AMBPP.2010.54497156
Joern H. Block, Philipp G. Sandner, F. Spiegel
The notion of risk and entrepreneurship has been widely discussed in the entrepreneurship literature. Starting a business involves risk and requires a risk-taking attitude. Most studies have com-pared entrepreneurs with non-entrepreneurs such as managers or bankers. So far, little research exists on the risk attitudes of different types of entrepreneurs. This study aims to fill this gap. Our particular focus is on the entrepreneurs’ motivations to start their business. The results show that opportunity entrepreneurs are more willing to take risks than necessity entrepreneurs. In addition, entrepreneurs who are motivated by creativity are more risk-tolerant than other entrepreneurs. The study contributes to the literature about risk attitudes of entrepreneurs and to the literature about necessity and opportunity entrepreneurship.
{"title":"DO RISK ATTITUDES DIFFER WITHIN THE GROUP OF ENTREPRENEURS? (SUMMARY)","authors":"Joern H. Block, Philipp G. Sandner, F. Spiegel","doi":"10.5465/AMBPP.2010.54497156","DOIUrl":"https://doi.org/10.5465/AMBPP.2010.54497156","url":null,"abstract":"The notion of risk and entrepreneurship has been widely discussed in the entrepreneurship literature. Starting a business involves risk and requires a risk-taking attitude. Most studies have com-pared entrepreneurs with non-entrepreneurs such as managers or bankers. So far, little research exists on the risk attitudes of different types of entrepreneurs. This study aims to fill this gap. Our particular focus is on the entrepreneurs’ motivations to start their business. The results show that opportunity entrepreneurs are more willing to take risks than necessity entrepreneurs. In addition, entrepreneurs who are motivated by creativity are more risk-tolerant than other entrepreneurs. The study contributes to the literature about risk attitudes of entrepreneurs and to the literature about necessity and opportunity entrepreneurship.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"250 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115268034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines if differences in the governance regimes of top-down and bottom-up clusters can explain a lack of sustainability that researchers assess for publicly initiated top-down clusters. We find in a qualitative study that the core elements of a governance regime – the assigned decision rights, the performance evaluation and the incentive system – are not balanced with the tasks of the managers in top-down clusters. By contrast, in bottom-up clusters, the elements of the governance regime fit to the tasks. A major implication of these findings is that the tasks of top-down clusters have to be reformulated in a way that they can be fulfilled complementarily, so that the cluster managers can adopt sustainable strategies.
{"title":"The Sustainability of Clusters - Consequences of Different Governance Regimes of Top-Down and Bottom-Up Cluster Initiatives","authors":"Carola Jungwirth, Elisabeth F. Mueller","doi":"10.2139/SSRN.1615380","DOIUrl":"https://doi.org/10.2139/SSRN.1615380","url":null,"abstract":"This study examines if differences in the governance regimes of top-down and bottom-up clusters can explain a lack of sustainability that researchers assess for publicly initiated top-down clusters. We find in a qualitative study that the core elements of a governance regime – the assigned decision rights, the performance evaluation and the incentive system – are not balanced with the tasks of the managers in top-down clusters. By contrast, in bottom-up clusters, the elements of the governance regime fit to the tasks. A major implication of these findings is that the tasks of top-down clusters have to be reformulated in a way that they can be fulfilled complementarily, so that the cluster managers can adopt sustainable strategies.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"185 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121047590","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Undercapitalization is one of the most challenging obstacles to success facing early-stage technology-based ventures. However, most research on the topic tends to be atheoretical with a lack of general agreement on the definition of key concepts. In this study we define undercapitalization as the failure of young ventures to procure enough capital to meet the organization's strategic priorities, and theoretically ground this definition by extending recent work on the payments perspective in resource-based theory. Based on these theoretical arguments, we develop and test of series of hypotheses using hierarchical lognormal survival analysis and two-limit tobit regression to examine how underlying value of and trade-offs among a venture's core set of resources affect its risk of undercapitalization, and how undercapitalization affects new venture survival rates. Implications of these findings and several directions for future research are discussed as well.
{"title":"RESOURCE COMPLEMENTARITIES, TRADE-OFFS, AND UNDERCAPITALIZATION IN TECHNOLOGY-BASED VENTURES: AN EMPIRICAL ANALYSIS (SUMMARY)","authors":"David M. Townsend, Lowell W. Busenitz","doi":"10.2139/SSRN.1420903","DOIUrl":"https://doi.org/10.2139/SSRN.1420903","url":null,"abstract":"Undercapitalization is one of the most challenging obstacles to success facing early-stage technology-based ventures. However, most research on the topic tends to be atheoretical with a lack of general agreement on the definition of key concepts. In this study we define undercapitalization as the failure of young ventures to procure enough capital to meet the organization's strategic priorities, and theoretically ground this definition by extending recent work on the payments perspective in resource-based theory. Based on these theoretical arguments, we develop and test of series of hypotheses using hierarchical lognormal survival analysis and two-limit tobit regression to examine how underlying value of and trade-offs among a venture's core set of resources affect its risk of undercapitalization, and how undercapitalization affects new venture survival rates. Implications of these findings and several directions for future research are discussed as well.","PeriodicalId":201346,"journal":{"name":"Frontiers of entrepreneurship research","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133013874","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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